Fix & Flip Program
ATTENTION INVESTORS
You were invited to our website to get Pre-Approved for our Fix & Flip Program. PhoneOps Fix & Flip Program is designed for the following types of properties:
Single Family
dwellings
2 to 4 Units
Multi-Family
(5-500+ Units)
AirBNB Units
Commercial
Mix Use
Apartment Buildings
Hotel / Motel
And More…
If you are interested in rehabbing any of the property types above, then our program is great for you.
PHONEOPS FIX & FLIP LOAN PROGRAM IS AVAILABLE IN ALL 50 STATES!!!
Guidelines:
This program has standard guidelines based on the following LTV.
90% LTV on Purchase Price – (This means you will put 10% down of the Sale’s Price plus closing cost)
Loan Amounts from
$50K to $25M
Loan Terms:
3mo to 2yr
Rates:
4% to 12%
100% LTV
Rehab Cost
No Prepayment Penalty
(PPP)
Up to 80% LTV
on Refinance
ARV:
Up to 75%
Reserves:
4mo to 6mo
Close in:
Personal or LLC Name
New Investors
Are Welcome
No Credit Minimum
Close as soon
as 3 days
100% LTV on Purchase Price – (This means you don’t put anything down, just pay your closing cost)
Loan Amounts from
$250k to $3M
Loan Terms:
4mo to 12mo
Rates:
9.25% to 11%
70% ARV
at 700+ FICO
65% ARV
at 660 to 699 FICO
60% ARV
at 620-659 FICO
100% LTV
Rehab Cost
Reserves:
6mo
Close in:
LLC or Corp Name
New Investors
Are Welcome
Apartment Buildings
Up to 20 Units
Close as soon
as 10 days
Questions & Answers:
Q: I want to apply for the Fix & Flip loan but after the work is done, I want to keep the property and rent it out. Should I still apply for the Fix & Flip program or the Landlord Program?
A: Yes, apply for the Fix & Flip program because you need funds for rehabbing. When the work is done, then apply for the Landlord Program to do a Refinance/Rate & Term.
Q: I want to be a Landlord. I never flipped & held a property before but I need financial freedom. My scores are over 620, do I qualify for 100% financing?
A: Yes, once we pull your Tri-Merge Credit Report, it will determine what ARV bracket you fall under.
Q: I currently have rental properties and I do all the work to them. Can I rehab my own Fix & Flip properties?
A: Only if you can show at least 3 rehabbed projects under your belt within the last 3 years.
Q: How does the ARV really works?
A: Once we receive your Renovations Proposal and you pay for the ARV Appraisal Report, that proposal is given to the Appraiser and once the report comes in, we’ll go off the ARV that’s on the Appraisal Report. Example: If the after repair value comes back at $900,000 and you are in the 65% bracket, your loan amount would be $585,000 and this includes the sale’s price of the property and the rehab cost.
Q: I want to apply for 100% financing but my score is below 620. Can I still qualify?
A: Possibly, you’ll have to get a Co-Borrower that has a score over 620.
Q: Do I pay the 4mo-6mo reserves at closing and what is it for?
A: No, you don’t pay this at closing; you have to show that you have the funds plus your closing cost. This would be your monthly payments; showing that you have the funds would be a great indication that you will make your monthly payments on time while rehabbing the property.
Q: I have two properties I want to get. Can I get both at the same time or do I have to wait until one is completed?
A: For 1st time borrowers, you can Fix & Flip 2 projects at a time. For repeat borrowers, you can Fix & Flip 10+ projects at a time